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Mortgage History
A Mortgage is a debt instrument that specifically uses Real estate as collateral against the debt. Starting around the 1930's this method was introduced as a way for more to be able to afford and purchase property. Modern loans are typically Fixed or Adjustable (ARM) with most choosing fixed to reduce their monthly liability. PMI (insurance) payments are typically paid until the purchaser has accumulated 20% of the originally appraised value as paid. Terms can be typically 30, 20, 15 year, where most choose 30 year - again to reduce the monthly liability. Loans can be refinanced when interest rates are lower, or to roll other debt into the property bill. Reverse mortgages are possible where principle can be removed and are more typical at end of life events. HELOC (home Equity Line of Credit) is considered a more prudent method of taking equity out temporarily. a 'Refi' or Refinance can be done when market rates are considerably better than existing terms on the loan and are generally done to save money overall. Another method of reducing the total liability is to pay the loan off early, considered principle payment reduction. Some predatory lenders will take advantage of this and charge more for early payoff, something that should be avoided if possible. When a loan is initiated, most lenders offer the ability to 'buy down' the interest rate - something that is basically selling market speculation back to the borrower. Watch for high loan origination and closing fees, high service fees. The best way to save cost is to not incur a loan you cannot afford as if you lose the property the bank takes the property as it is your collateral. Principle only payments can help with short term cashflow but do nothing to secure the property in your possession. This is a short term holding technique that is more common with fix-er-uper-ers that are only holding property for a short period of time or those looking to 'flip' the property quickly. Watch for leans on properties as you will be unable to secure a clean title until all leans have been addressed.Typical US Lenders, reviews, score
* HomeDirect Mortgage 1133, 5 star* Mr. Cooper 7711, 4 star
* Vanderbilt Mortgage 1539, 5 star
* Caliber Home Loans 2602, 4.5 star
* AmeriSave Mortgage 2800, 5 star
* 21st Mortgage Corporation 832, 4.5 star
* Quicken Loans 4145, 3.5 star
* LendingTree 1213, 2 star
* Ocwen Financial Corp. 2915, 4 star
* ClearPath Lending 705, 5 star
* J.G. Wentworth Home Lending 239, 4 star
* Homebridge Financial Services 760, 4 star
* Jersey Mortgage Co. 408, 4.5 star
* Network Capital Funding Corporation 276, 5 star
* First Internet Bank 196, 5 star
* ----
* Wells Fargo Mortgage 1351, 2 star
* Bank of America Mortgages 2827, 2 star
* Ditech Financial 3134, 1 star
* Chase Mortgage 1837, 2 star
* Guaranteed Rate Mortgage 94, 2 star
* Pacific Union Financial 143, 1 star
* BSI Financial Services 187, 1 star
* Guild Mortgage Company 98, 2 star
* Gateway Mortgage 53, 2 star
* Arvest Central Mortgage Company 94, 1 star
* Citizens One 84, 1 star
* Suntrust Mortgage 357, 1 star
* PHH Mortgage 354, 1 star
* Provident Funding Associates 150, 1 star
* CitiMortgage 990, 1 star
* PNC Mortgage 240, 1 star
* CashCall Mortgage 38, 2 star
* Capital One Mortgage 120, 1 star
* Mortgage Lenders of America 10, 2 star
* Fannie Mae 106, 1 star
* Everhome Mortgage Company 174, 2 star
* Regions Mortgage 39, 1 star
* HSBC Mortgage 413, 1 star
* Network Funding 12, 2 star
* Americas Servicing Company 101, 1 star
* Coldwell Banker Mortgage 21, 1 star
* First Meridian Mortgage Corporation
* Household Finance 140, 1 star
* Residential Credit Solutions 179, 1 star